Print Article for : College Confidential Financial Aid

Your Online Guide » Education and Teaching » Articles on Education

[C798]College Confidential Financial Aid

by Teresa Styles, Ter

* I don't need to fill out the FAFSA form because I won't qualify for federal loans.

Wrong. You need to fill out the FAFSA form if you expect to qualify for any sort of college financial aid, from any government entity or College Financial Aid office.

Organizations that provide grants, scholarships and private loan resources also often require a completed FAFSA form. It is the standard document for College Financial Aid of any kind.

* My Dad makes a lot of money and said he'd help out, so I'm going to bypass the FAFSA process.

Maybe he will help out, but that doesn't necessarily mean a four year free ride. It is also important to understand that if your parents are divorced, you need only list the assets of one parent on your FAFSA application.

Over half the marriages in this country end up in divorce. There are a lot of factors involving broken marriages that may dictate the level of support that a student will receive from family. So it is important to go on record with a FAFSA form that provides the most modest financial scenario possible should you need to seek college financial aid.

* I'm not going to apply to the college that's my first choice because the tuition is out of reach and the school isn't going to reduce their costs for me.

No, they won't. But nearly every university has tuition that's out of reach for a majority of their students, and they know it. That's why the well run schools have knowledgeable, creative and well staffed college financial aid departments. They know it's essential to their survival as well as your enrollment.

There are a remarkable number of ways to reduce your yearly costs besides loans. Work study programs, grants, small scholarship programs from local non-profits; what's important to keep in mind is that the College Financial Aid department will be familiar with all the options. Be prepared to camp in their lobby and get all the direction you can. Be persistent and insistent and you will get results.

* It's going to take me forever to pay off these loans.

Not forever, but it's going to take you a while. It's an uncomfortable feeling, until you consider the alternatives. Take note of the fact that three quarters of the work force in this country are people with no college degree.

Thirty years ago, those people earned about 20% less, on the average, than a college graduate. Today the disparity is 40% and getting wider, as our economy turns increasingly to service jobs with limited or no benefits.

Be sure to also check out: http://4financetips.com

Keep these points about College Financial Aid in mind so you don't miss out on funding that's available to you.

Because of the issue of debt, college financial aid is of great concern to those involved, since over the course of four years a lot of money is spent with very little return. College financial aid offices, however, can sometimes help students along. However, if you're already in college, then already you are probably some way behind.

Believe it or not, though, one of the best college financial aid strategies -- especially if you're attending private college -- is to get as many scholarships as possible. The reason, of course, is because scholarships are more attractive than loans since it's free money that never has to be paid back.

What is Need-Based Financial Aid?

Most colleges offer need-based and merit-based financial aid. Need-based aid is usually based on how much income your parents have, including the numbers siblings, since your parents are expected to help pay for your education and the education of your siblings. Even if your parents don't help pay for your education, the system assumes that they do.

What is Merit-Based Financial Aid?

Merit-based financial aid is based on your grades and your activities from high school. Private colleges are more likely to award large merit-based scholarships than public colleges, since private schools usually have donors who donate scholarships in their own name or contribute to a particular scholarship fund. These institutional scholarships can cover up to at least half of tuition fees each year.

Don't be afraid to seek college financial aid in the form of scholarships from unexpected places. Search your hometown for various community organizations who offer scholarships, such as the Knights of Columbus or the Humane Society. Though community organizations may not be able to contribute the thousands needed for your scholarship, every little does help, especially when it doesn't have to be repaid.

Is there Federal Help for College Financial Aid?

Finally, if scholarships and your savings aren't enough to cover your college expenses, you'll probably need to apply for a student loan. Firstly, complete the Federal Application for Student Aid (FAFSA) to check the federal loans for which you qualify. Someone at your college financial aid office will be able to advise which loans are best suited to your personal circumstances and when you should begin your repayments. Remember, although the prospect of paying for college can be a scary one, it's still one of the best investments you'll ever make.

Article Source : Pg. 69

About Author

Both Teresa Styles & Andy Ballentine are contributors for EditorialToday. The above articles have been edited for relevancy and timeliness. All write-ups, reviews, tips and guides published by EditorialToday.com and its partners or affiliates are for informational purposes only. They should not be used for any legal or any other type of advice. We do not endorse any author, contributor, writer or article posted by our team.

Teresa Styles has sinced written about articles on various topics from Lose Weight, Education. Teresa Styles helps parents and teachers become more effective helping children learn and enjoy learning. She is a contributing author at EducationGold. For more teaching ideas go to:. Teresa Styles's top article generates over 14800 views. to your Favourites.

Andy Ballentine has sinced written about articles on various topics from Education. College financial aid is a tricky business, since over the course of a college career. Andy Ballentine's top article generates over 720 views. to your Favourites.